Warren Calls for SEC Chair’s Dismissal
October 23, 2016 by Ryan Rainey
“From the beginning of her tenure, Chair White has made clear that she is concerned that companies disclose too much to investors — a presumption directly counter both to the views of investors themselves and the animating purpose of this agency for more than eighty years,” Warren wrote in an Oct. 14 letter to Obama. “She has failed to complete disclosure mandates Congress enacted in the wake of the 2008 financial meltdown, while simultaneously devoting the SEC’s limited discretionary resources to a far-reaching, anti-disclosure initiative cooked up by big business lobbyists seeking to reduce the amount of information public companies must make available to their investors.”
Warren said Obama should use his unilateral authority to appoint a replacement for White from among the other two commissioners serving, Michael Piwowar and Kara Stein. Warren went through a lengthy explanation of why she thinks White deserves dismissal, and primarily pointed to the lack of new rules requiring public companies disclose their political activities.
In addition to the lack of movement on political disclosure rules, Warren said White has general aversion to new disclosures, even if they are congressionally mandated.
“I do not make this request lightly,” Warren wrote in her conclusion. “I have tried both publicly and privately to persuade Chair White to direct the agency’s resources toward pressing matters of compelling interest to investors and the public, and toward completing those rules that Congress has required it to implement. But after years of fruitless efforts, it is clear that Chair White is set on her course.”
The White House didn’t immediately respond to a request for comment on Warren’s letter and Obama’s level of satisfaction with White’s performance.